Sending funds out of Malaysia.

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I am thinking of bringing in some money - the reason being to qualify for HSBC Premier here in Malaysia, since they are bringing in new fees offshore - but I would like to know what I could expect if, and when, I decide to send some of these funds back offshore at some future date.
I know there are still currency restrictions, and I have heard that there is a limit of RM 100,000 that can be sent at any one time. I imagine there would be forms to fill out, etc. But is it easily done? Or does one have to jump through lots of hoops?
This has nothing to do with the MM2H F.D.. just funds superfluous to that.
Has anyone had recent experience of transferring funds overseas?

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Transferring money between countries is not difficult. For amounts over the specified amount approx US$10,000 there are reporting requirements but every country has those now. The report is a very short and simple document and is just used to alert the authorities of all countries to money laundering. Declare and you have no concerns. The rules in Malaysia are no harder than in most countries.
Cheers
Donohue

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hi,

A couple of remotely related items. I was reading yesterday that the OECD is going to equate tax evasion, legitimate or otherwise, with money laundering and further mess-up banks in Switzerland. It seems to be all part of the USA's persistent fixation with it's citizens paying tax, no matter what.

For transactions involving EUR being taken out of the EU there's also a simple form to complete. I got hold of the form in 2008 in Portugal, and there were no problems.

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Guidelines from BNM (Bank Negara Malaysia) states:
Non-residents are free to invest in Malaysia in any form. There are no restrictions on the repatriation of capital, profits and income earned from Malaysia, including salaries, wages, royalties, commissions, fees, rental, interest, profits or dividends.

In my interpretation there are no restrictions. The only restrictions I'm aware of are set by the banks.
Last year I transferred RM50k from my Maybank account to my account with a Dutch bank. Very easy, just fill in a form (unfortunately on-line banking is still underdeveloped in Malaysia) and tick a box stating the reason.
The limit of RM100k you referring to is a limit set by the banks, not by BNM. It refers to transfer between accounts with banks in Malaysia. If I remember correctly the limit from BNM is RM200k per day.

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OK, thanks Danny... that's what I was looking for - someone who had actually sent money out. I was aware that there are forms; but I was wondering why one had to stipulate the reason for the transfer. I was thinking that it had to be for business purposes, or something like that.
I'll check with my bank here. The overseas bank said there should be no restrictions; but I still have a sneaking suspicion that there were some limits.

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Are there tax implications bringing in money onshore?  If  Bazzaman is bringing in money for a deposit or similar money instrument would there be some Malaysian tax due on interest?

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No tax impications... as far as I know. Last year I brought some funds in without any problem.
I find it a bit strange... the whole tax thing. It seems that I have to ask lots of questions of my bank e.g. "Is this taxable?" "Is that taxable?". Seems the answer is always "no". Bank account interest on FD's over RM 100,000? "No". Bank account interest on accounts under RM 100,000? "No". Capital gains? ditto.
I went to Hasil (the taxman) and asked if I had to register with them. Was asked if I had any local income other than bank interest, capital gains etc. ... in other words was I working here or renting out property... Since I didn't, and wasn't, then they told me I did not have to register.
When I opened a gold account with Public Bank I asked about tax on gains. "No".
Would like to hear from anyone who knows if there are any tax liabilities for us here.
Regarding registering with Hasil... it might be an advantage for me to get registered. In a couple of years I will be receiving an old-age pension from my home country. If I can show that I am paying tax here (on what I can't imagine) then my pension might be able to be remitted to Malaysia net of tax.
Back to the original question of sending fund out...
I'm still not sure about the requirement to provide a reason for the transfer. If there are no restrictions, then why the requirement.
Will be going to the bank tomorrow to make enquiries.

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hi,

Hasil? There's no hassle as there's no income tax to pay unless you work in Malaysia or rent out property.

I've never thought to ask the banks if I have to pay tax as, being a tourist, I've always assumed I don't. I'm glad that you've asked and got plenty of "no" replies.

I usually ask the banks about their charges and seldom believe the answer. It's either, "no charges" or "a small administrative charge" and sometimes a "we don't charge but the other bank might."

And then I'm slammed with a charge like S$550 for an outgoing payment charged by RBS who had said, "no, we can waive charges for personal outgoing payments" as stated by the officer who left 4 days before my payment as RBS was bankrupt and laying-off staff.

Nowadays, on bank charges I double-check. 

But income tax, nah, I'm a permanent tourist.   

I think that providing a reason for funds transfer is simply the bureaucrats not feeling safe without some underlying rationale. You could answer "whim" which is as good a reason as any.

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I've always given the same one-word reason when remitting funds overseas i.e. "savings". This means the funds are personal savings from an undefined (but legal) source e.g. funds originally remitted to Malaysia from overseas, savings from employment in Malaysia, or any other income like share dividends or property rentals which have already been taxed as appropriate.

The requirement for providing this "reason" is to keep tabs on money-laundering of funds acquired through corrupt means or other proceeds of crime. The activities of MM2Hers are of no interest to the authorities unless you are running a major money laundering business. So forget the paranoia & get on with it.   

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Opened a Premier account today with HSBC Malaysia. Asked about the necessity to give a reason for transfer of funds out. Was told that it is now possible to do the transfer online (with HSBC "Global View") and there was a drop-down menu listing possible reasons. The dude said there was one option that read "personal", which is what most people used. The "investment" option was to be avoided since it could require clarification.
Not so sure this is an anti-money-laundering procedure, since it seems to pre-date the current hysteria. I'm guessing it's a carry-over from the days when there were more restrictions on sending funds out of Malaysia.
HSBC offshore has never asked for a reason for transfers. Of course they only accepted deposits from legitimate source; but once the funds were in your account, you didn't have to explain why you chose to remit them.
Anyway it seems that things are getting easier over time; so there is probably no need to be concerned.
I prefer "concerned" to "paranoid".